Business
SPO Global and Gerpang Healthcare Group Complete Merger Agreement
SPO Global and Gerpang Healthcare Group Complete Merger Agreement.
About this update from Spo Global Inc.
[{"type":"text","content":"\n TAMPA, Fla., Feb. 19, 2020 (GLOBE NEWSWIRE) -- SPO Global, Inc. (OTC Markets: SPOM) (the “Company”), has completed its previously announced merger with Gerpang Healthcare Group (“Gerpang”) of Shandong, China. The acquisition closed on February 19, 2020, and, as previously discussed, all officers and directors of SPO Global have been replaced by the management of Gerpang.  Mr. Lu Fengyou has been appointed CEO and Mr. Liangjian Peng has been appointed Secretary.  Mr. Fengyou Lu, the CEO and founder of Gerpang Healthcare Group, has 24 years of business experience in the pharmaceutical market in the Greater China region and has successfully run four foreign-funded enterprises and large private enterprises. He is also a Chairman of Pioneer Zhongrun Biotechnology Co., Ltd. and CEO of Canada SOTA Biomedical Investment Co., Ltd.  Mr. Lu is a strategic partner of Pioneer Zhongrun (Beijing) Stroke International Specialist Hospital. Previously, Mr. Lu was a Professor of the School of Pharmaceutical Science of Shandong University. As part of the merger, a total of $1.23 million of existing debt was cancelled.  Of this amount, $650,000 of debt previously assumed by the Company from Wine Stream was cancelled and 19.4 million shares were returned from Wine Stream shareholders in exchange for the return of IP, licensing and revenue participation rights. Remaining Company debt holders agreed to cancel $580,000 million in debt and convert $1,100,000 of debt, bringing the total shares outstanding in the Company at the time of merger to 42,000,000. Gerpang Shareholders were issued 160,000,000 shares of the Company’s common stock bringing the total shares outstanding to 202,000,000 with no convertible debt post-merger. The Company’s CIO, Saeb Jannoun, stated: “We were successful in working with our debt holders to complete this merger with Gerpang Healthcare. The merger marks a very exciting and important point in the Company’s history.” About SPO Global Inc. (OTC Markets: SPOM).  The Company is a diversified holding company whose strategy is to acquire interests in a range of profitable ventures.  Gerpang Healthcare Group (www.gerpanghealthcare.com), is located in Jinan Pharma Valley Industrial Park, High-tech District. It is an innovative technology-based priva...